INTL FCStone boosts 'exotic currency' pricing

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INTL FCStone's Global Payments Division's foreign currency pricing has picked up enough momentum to extend beyond its initial launch to more than 350 correspondent banks globally.

The Global Payments Division released the FXePrice platform to an initial group of correspondent banks in emerging markets in June of 2018. The platform feeds rate information to the IFL network, which operates in 175 countries and specializes in exotic currency payments and payments made throughout the developing world.

The company says the success of its initial launch has resulted in the free platform being available to its entire network of counterparties this year as it continues to build transparency for cross-border payments, which can be difficult in emerging markets.

"In emerging markets, the traditional methods of price discovery lack transparency and are often unreliable as price discovery via phone, email or messaging makes it difficult to accurately streamline local currency rates," said Francois Beau Yon de Jonage, a senior vice president in INTL FCStone Ltd's Global Payments Division, in a release. INTL FCStone is based in London, while the Global Payments Division operates out of New York City.

INTL FCStone's platform automates the manual process of FX price discovery and facilitates instant electronic price discovery through both streaming and request-for-quote functions.

The FXePrice trading platform aids cross-border payments by enabling correspondent banks to feed local currency live prices electronically to the company's specialized IFL network that accesses wholesale exchange rates to share with various agencies, organizations and corporations. Platform users stream foreign exchange prices, which is designed to reduce latency and ensure efficiency through integration with third-party straight-through processing systems.

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Cross border payments